New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-11
MONEY md BUSINESS.

Considering the disturbance Of business,
actual and prospective, through the Interstate
Commerce Till. considering it's unknown in
fluencc upon values OF railway properties, IL
would not have been strange il there had been
a slump in prices last week. But considering
Treasury payments, which exceeded receipts
by 100000 gold, $1.5o0.Oo0 silver and
S1.3O0.OOO legal tenders in a single week
it would not have been strange II there had
been "boom." AS it was, prices advanced
little notwithstanding some days OF hcsita-
tion. closing al an average Of $40 80 per share
As people abroad understand less than people
hero that marvellous rccupcrative power, which
enables this country TO stand an incredible
amount Of running and Of legislative lunacy
the Interstate bill naturally caused some for
cgnew to sell stocks. But Wall Street exists
because It buys when other persons want 10
sell, and has knack of putting things up after
riot In Pittsburg or a massacre at Chicago,
or an election Of Democratic President. when
ordinary persons look for decline In this
instance the Street has substantial help in the
labor defeats in Western cities. in the rcbukc
Of Anarchy at Chicago, and especially In the
Issue of about So. OOO 900 gold and So. 100000
silver certificates during the last week
Important information was published on Sat
urday in The Financial Chronicle" showing
that $40. $50 900 Of tho new ono dollar silver
certificates had already been issued. $6,6sO.OOO
of tho new twos. and S4.3GO.OOO Of the new
fves. on tho LIST of April. The well-known
fact that the small notes return from channels
Of circulation less freely than Others and tend
moro powerfully TO expand retail prices and
local spcculatons, finds plenty Of confirmation.
Later. when prices arc lifted beyond reason
and inflated real estate makes production cost.
y. there comes trouble but at first the financial
drink OF brandy has pleasant Objects Any one
who doubts the potency of small note imitation
should read the accounts OF real estate Spec
u!adon. which breaks out in one spot after an
other at the West or South, lifts prices thou
sand per cent in a few days. creates imaginary
streets. business blocks opera houses and
banks while the stumps are yet in the ground.
and presently, that orange being squeezed
dry, puts up a sign, Tho boom is atn some
other place "Fortuncs made in day." Last
Saturday the expansion OF silver certificates,
large and small, since October / had reached
sic. 1921 Sol during the same time go, 278,-
$50 had been added to the amount OF gold
certificates. $2.O59 1877 TO the legal tenders
and $2,5O2, 1913 TO the standard
dollars. AS tho reduction In bank notes has
been $40, $50, 271, the actual expansion of cir
culatdon, exclusive OF gold, had been over
So, 9OO, 900 in about eight months.
II is not strange that prices Of products
creep upward, wheat having gained last week
half cent. oats and corn each thrcceghths.
coffee a quarter. and oil 1-S cents. But il Is
natural that tho iron market hoitatcs. Though
the railroad mileage built during the first quar-
ter of the year, 1.O4O miles. was never equalled
except in 1882, there Is doubt whether con-
strucdon will not be checked by the Interstate
bill, and meanwhile tho weekly capacity Of
furnaces In blast April l was 137, 583 tons.
The wonder is that with production SO far be-
yond past experience the price is so well main
tanned. Copper, tin and lead have been weak.
with London. and silver again
fell to 1925 d. per ounce, recovering 10
1897. Cotton Is made stronger by large ex-
ports. reaching 4s6 ITO bales in March, against
334, 121 last year. But the price Of raw cotton
Ia 10 per cent higher than year ago, while
print cloths are scarcely per cent and standard
sheetings scarcely per cent higher.
In recent imports @ considerable decline APP
pears, about 10 per cent for the last two weeks.
in comparison with last year, when the move
nent was exceptionally large. But the in